One of the key questions you’ll most likely ask before installing a solar system is how much energy do solar panels save? No doubt, solar panels can save a significant amount of power and you may even decide to use solar panels as your only source of power and it’s 100% dependable. The more energy you can save with solar systems, the higher your ROI (return on investment).
Whatever amount of energy solar panels saves you equals some amount of money in electricity bills. In essence, solar panels save you money by reducing your electricity bills or offsetting it completely.
This is so because the more solar energy you use, the less electricity you need and the less you’ll have to pay for in electricity bills. However, the amount of energy your solar panels can save depends on several factors. You should read about the key benefits of installing solar panels on Maui.
How much energy will solar panels save you?
On the average, solar panels can save you enough energy to save between $10,000 and $30,000 over the lifetime of the solar system. However, factors that will determine the amount of energy solar panels save you include direct hours of daily sunlight, the size of your roof, the angle of your roof, and your local electricity rates.
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How to figure out how much energy solar panels save you
The key step to figure out how much energy solar panels can save you is to calculate the amount of money you’re currently spending on electricity per year. For example, the typical American household spends about $1,450 a year on electricity.
More so, you’ll have to look at the volatile nature of electricity prices when comparing them to solar. Chances are that electricity costs can rise annually. But with a solar system, you have a locked in electricity cost at a constant rate without bothering about any increase in solar energy rates.
However, due to the cost of solar panels as an up-front investment, the cost of installation is the only cost associated to the cost of solar. Other costs may be any added electricity cost if your solar panels are unable to completely offset 100% of your electricity use.
However, your solar panels’ ability to offset your electricity bills 100% is often determined by the accuracy of your PV system size. Use this free solar size calculator to figure out the accurate size of solar panels you need to offset your electricity bills 100%.
You may also decide to live off the grid or on the grid. You should read about when off grid living on Maui is the best for you and when it is not. Need more information about how to install solar and start enjoying all the benefits associated with going green? Contact us here.